The Equity Growth Opportunity:
- Reposition a 230-unit multifamily property to capture significantly higher rents demonstrated by comparable and newer properties in this “beach-gateway” market located east of I-295.
- After five months of ownership, rental income at Portofino Club is ahead of projections with asking rents for upgraded apartments averaging $1,235 as compared to average in-place rents of $915 prior to the Acquisition, an increase of 35%.
- Total revenue for the first full five months ended May 31, 2021, averaged $1,062 per unit per month, 10% above the comparable monthly average of $970 for the twelve months preceding the acquisition.
- Property improvements completed within the first six months include: created two wonderful ponds with lighted fountains; built four new patios with grill areas (2), outdoor furnishings, cabana (1) and firepit (1); established extensive new plantings with night lighting at the entrance and repaired irrigation system; installed parcel storage lockers for exclusive tenant usage and new USPS delivery boxes; paved the parking lot including mill-grinding the entranceway and improving the drainage; power washed walkways and the pool deck; restored the maintenance shed; installed a new wall to create an independent clubhouse and business center area; provided all new furnishings and computers for the clubhouse; included a putting green in the expanded amenities; and hung new signage and exterior lighting throughout the Property.